Question 8 of 15 0.27/1 Ivanhoe Corporation has pretax financial income for loss) from 2015 through 2021 as follows. Income (Loss) Tax Rate 2015 $56,640 25 % 2016 (82,600 20 % 2017 106,200 20 % 2018 35,400 20% 2019 123.900 20 % 2020 (70.800 25 % 2021 151,600 25 26 Pretax francial income (loss) and taxable income foss) were the same for all years since Ivanhoe has been in business. In recording the benefits of a loss carryforward, assume that it is more likely than not that the related benefits will be realized Type here to search O O 21 Your answer is correct Whatentries for income taxes should be recorded for 2016? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Deferred Tax Asset 16520 Income Tax Expense 16520 Indicate what the income tax expense portion of the income statement for 2016 should look like. Assume all income (loss) to continuing operations. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. ( Ivanhoe Corporation Income Statement (Partial) For the Year Ended December 31, 2016 Operating Loss before Income Taxes (82600) Income Tax Benefit Income before Income Taxes 56640 Net Income (los) -25960